U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla, according to CNBC analysis.
Chinese electric car companies are outspending Tesla and traditional fuel-powered cars on research and development as a ratio to sales.
"What companies should on is quality," Shen said, adding that "if you can't do a good job on quality, there's nothing you can say." He laid out Nio's wide-ranging plan for boosting product quality, starting primarily with new tech and supply chain innovation. When asked about global production, Li said Nio would adhere to the same manufacturing standard but did not detail overseas plans.Hefei is the capital of Anhui province to the west of Shanghai. The region is called the Yangtze River Delta, which China claims is home to so many factories that a new energy vehicle manufacturer can find all the necessary parts
Zeekr's first-quarter results show the company spent 13% of sales on research and development. Parent Geely, which did not break out the figure in its first-quarter report, has spent at least 4% of revenue on research in the last four years, up significantly from prior years. Ren said the new battery, which is set for initial deployment in Geely cars, increases production costs by about 1,000 yuan versus competitors' vehicles.
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